NASS Raises Petroleum Subsiddy by N443 Billion

By Uche Mbah

The National Assembly has raised the subsidy on Premium Motor Spirit (petrol) by N442.72bn, from N3.557tn to N4tn in the process of passing the 2022 supplementary appropriation bill.

Both legislative chambers adopted in plenary the reports on the amendment bills Thursday in answer to the request by President Muhammadu Buhari.

A new oil benchmark was also at $73 per barrel, and oil production volume was pegged at 1.600 million per day, and a PMS subsidy of N4tn.

N182.45bn was approved for the Nigeria Police Force.  N76.13bn for appropriated for domestic debt service.

Current oil price hovers above $100 per barrel.

President Buhari had written to the National Assembly while resubmitting the 2022Appropriation bill for amendments.

“Based on the above adjustments, the Federation Account (Main Pool) revenue for the three tiers of government is projected to decline by N2.418trillion, while FGN‘s share from the Account (net of transfer to the Federal Capital Territory and other statutory deductions) is projected to reduce by N1.173 trillion.

“However, the amount available to fund the FGN Budget is projected to decline by N772.91 billion due to the increase in the projection for independent revenue (Operating Surplus Remittance) by N400 billion.”